Famous Footwear W2 Form

What is the Famous Footwear W-2?

The Famous Footwear W-2 form is a crucial tax document issued by Famous Footwear to its employees. This form reports an employee's annual wages and the amount of taxes withheld from their paychecks. It is essential for employees to accurately file their income tax returns, as the information provided on the W-2 is used to determine their tax obligations and potential refunds. Each year, employees receive their W-2 forms by January 31, detailing their earnings from the previous calendar year.

How to Obtain the Famous Footwear W-2

Employees can obtain their Famous Footwear W-2 form through several methods. Typically, the form is mailed directly to the employee's home address. Additionally, employees may have access to their W-2 forms through an online employee portal, where they can download and print the document. If an employee does not receive their W-2 by mid-February, it is advisable to contact the human resources department of Famous Footwear for assistance in obtaining a copy.

Steps to Complete the Famous Footwear W-2

Completing the Famous Footwear W-2 form involves several key steps. First, ensure that all personal information, such as name, address, and Social Security number, is accurate. Next, review the earnings and tax withholding sections to confirm that they align with your pay stubs. If any discrepancies are found, it is important to address them with the employer before filing taxes. Finally, once the information is verified, the W-2 can be used to fill out the appropriate tax return forms, ensuring that all income is reported correctly.

Legal Use of the Famous Footwear W-2

The Famous Footwear W-2 form holds legal significance as it serves as an official record of employment income and tax withholdings. For the form to be legally binding, it must be filled out accurately and submitted to the IRS by the required deadlines. Misreporting income or failing to file the W-2 can lead to penalties, including fines and interest on unpaid taxes. Therefore, it's crucial for employees to understand the legal implications of the W-2 and ensure compliance with IRS regulations.

Key Elements of the Famous Footwear W-2

The Famous Footwear W-2 form contains several key elements that are important for employees to understand. These include:

• Employee Information: Name, address, and Social Security number.
• Employer Information: Company name, address, and Employer Identification Number (EIN).
• Wage Information: Total wages earned and tips reported.
• Tax Withholdings: Federal income tax, Social Security tax, and Medicare tax withheld.

Each of these elements is essential for accurately reporting income and ensuring compliance with tax laws.

Filing Deadlines / Important Dates

Filing deadlines for the Famous Footwear W-2 form are critical for both employees and employers. Employers are required to send out W-2 forms to employees by January 31 each year. Additionally, the completed W-2 must be submitted to the IRS by the end of February if filed by mail, or by the end of March if filed electronically. Employees should ensure that they file their tax returns by April 15 to avoid penalties.